He added that the approval was seen as a deviation from the SEC’s usual stance, indicating a potential shift influenced by political pressures.
Solana has seen a substantial increase in user activity in recent weeks, reaching over 6.3 million active addresses in November, a new all-time high.
Starbucks’ current market cap is $111.96 billion, while Nike’s market cap stands at $111.28 billion.
Solana also surpassed the market capitalizations of Starbucks and Nike on the same day, with a market cap of $115.67 billion, reflecting a 5% increase in the past 24 hours.
According to Dune data, the total market capitalization of Solana liquid staking tokens (LSTs) surged to a new all-time high of $7.40 billion on November 17. The top three LSTs by market share are JitoSOL (43%), mSOL (16.3%), and jupSOL (12.5%).
Solana’s decentralized finance (DeFi) ecosystem is also expanding rapidly.
According to a Nov. 18 X post from DeFi analyst Patrick Scott, who cited DefiLlama data, five of the top 10 protocols by fees in the last 24 hours were on Solana.
Additionally, fees for Solana-based DApps increased greatly in the last 24 hours, with automated market maker Raydium and liquid staking protocol Jito setting new records of $11.79 million and $9.87 million, respectively, according to DefiLlama data.